I volunteer with an organisation called CultureLink in Toronto. I meet with a Chinese woman once a week for a couple hours. She's terribly ashamed of her accent.
I've been having her read various newspaper articles and some exercises from ESL books. I feel like just reading sentences and listening to me correct her isn't going to help her with pronouncing certain sounds as much as I'd like it to.
I'm also working on a shoestring budget and was wondering if anyone knows of some free resources online that specifically address pronunciation (I haven't really found anything other than this site!) ... some sound exercises that I could do with her that actually produce results rather than my guess work!

I am so sorry to hear that your Chinese ESL student is "ashamed" of her accent. Erroneously many learners of other languages feel that their ultimate goal in pronunciation should be accent-free speech. Such a goal is not attainable for most adult learners. I would advise you to help her to understand that in a multilingual, multicultural world, accents are very acceptable. And since English has been an international language, native accents have become almost irrelevant to cross-cultural communication. Outside of telling her this, you must remember that your goal as an ELT with regards to pronunciation should be the more realistically focused on clear, comprehensible pronunciation not accent-free pronunciation. At an advanced level of ESL you can focus on intonation, voice quality, phonetic distinctions between registers and other refinements. Good luck!